Exhibit 11

INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES        Computation of Earnings (Loss) Per Common Share        (dollars in thousands, except per share amounts)

|                                               |                         | Fiscal Year Ended |           
|---------------------------------------------- | ----------------------- | ----------------- | ----------
|
|Average shares of common stock outstanding     |                         |                   | 19,106,663
|Dilutive potential common shares               |                         |                   | 308,284   
|                                               |                         |                   |           
|Total adjusted average shares                  |                         |                   | 19,414,947
|                                               |                         |                   |           
|Earnings (loss) from continuing operations     |                         | $                 | 27,699    
|Earnings (loss) from discontinued operations   |                         |                   | (73,728   
|                                               |                         |                   |           
|Net earnings (loss) applicable to common stock |                         | $                 | (46,029   
|                                               |                         |                   |           
|Basic earnings (loss) per share:               |                         |                   |           
|                                               | Continuing operations   |                   | $         
|                                               | Discontinued operations |                   |           
|                                               |                         |                   |           
|                                               |                         | Total             |           
|                                               |                         |                   |           
|Diluted earnings (loss) per share:             |                         |                   |           
|                                               | Continuing operations   |                   | $         
|                                               | Discontinued operations |                   |           
|                                               |                         |                   |           
|                                               |                         | Total             |           
|                                               |                         |                   |           

Basic
earnings (loss) per share are computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the year.

Diluted
earnings per share are computed similar to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares from the
assumed exercise of stock options, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from such exercises were
used to acquire shares of common stock at the average market price during the year.

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